The 1980s have seen the beginnings of a change of heart among developing country policymakers, as the import-substitution consensus of the previous decade has all but evaporated. It is paradoxical that the 1980s should have become the decade of trade liberalization in LDCs, since this has also...

The focus of policy reform in developing countries has moved from getting prices right to getting institutions right, and accordingly countries are increasingly being advised to move towards "best-practice" institutions. This paper argues that appropriate institutions for developing countries...